Global business-to-business music licensing platform Songtradr has completed a $30 million Series C funding round, valuing the company at $165 million. The funds will allow the company to accelerate its global expansion and product development, fund key acquisitions, build out its ecosystem and enrich its data capabilities.
The Series C capital raise was led the by the St. Baker Australian family office, with participation from other prominent Australian family offices and several existing Songtradr investors. This latest round brings Songtradr’s total funding to date to $51.5 million.
Headquartered in Los Angeles, Songtradr’s open music marketplace connects over 500,000 creators and rights owners with brands, ad agencies, streaming platforms, film/TV studios and gaming companies, among others. In the first half of 2020, the company experienced 160% revenue growth compared to the same period last year.
“Songtradr is a beneficiary of the significant acceleration of digital adoption resulting from the pandemic,” said Songtradr CEO Paul Wiltshire in a statement. “It is an unprecedented time and our focus has been on delivering value to our community of artists, composers and music licensees. This capital round will be utilized to execute our long term strategy of developing a data-informed music rights ecosystem that delivers greater efficiencies to the music licensing and rights management processes, and to expand our product offering further.”
The company’s Series B round of $12 million was completed in early 2019, shortly after its acquisition of the London-based rights management agency Big Sync Music.